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Litecoin Price Prediction: LTC/USD Drops Below $135 as the Price Stays Under Moving Averages

LTC Price Prediction – January 30

Litecoin (LTC) is seen to be caught between the bull and the bear, while the price of the cryptocurrency fluctuates sideways.

LTC/USD Market

Key Levels:

Resistance levels: $165, $175, $185

Support levels: $105, $95, $85

LTCUSD – Daily Chart

Looking at the daily chart, LTC/USD is still defending the support level of $125 again as the price hovers around $133. The coin is now moving below the moving averages, indicating a sideways movement. For the time being, the market price is moving within the channel and the RSI (14) indicator may be issuing some bearish signals.

What to Expect from Litecoin (LTC)

Taking a look at the market, LTC is yet to show a strong bear dominance in the long-term. But the short-term outlook looks range-bound. However, a bullish interception may set the next key resistance at $165, $175, and $185 if the price crosses above the moving averages. Nevertheless, the market could experience a little rise before the rally begins.

Following the on-going movement, the price of Litecoin has recently plunged to $128 before a small rise to where it’s currently changing hands at $133.33. A further rally is likely at $105, $95 with a possible new monthly low at $85. As we can see on the daily price chart, LTC volume has been drastically low over the past days, which shows the bears may soon step back into the market.

With Bitcoin comparisons, the market has evolved for a while in a very different way. But currently, sellers are dominating the market but currently moving under the 9-day and 21-day moving averages as the technical indicator RSI (14) is seen crossing below the 40-level, suggesting more bearish signals into the market.

LTCBTC – Daily Chart

However, the downtrend keeps giving the sellers more confidence to increase their entries. More so, if the bears succeeded in breaking below the lower boundary of the channel, the market could fall to the support level of 3400 SAT and below. Meanwhile, a rebound could push it towards the resistance level of 4400 SAT and above.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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